Samsung: World's biggest memory chip maker to cut production, profits drop 96%

Samsung Electronics has declared that it will decrease chip production as a result of a dramatic decline inThe biggest memory chip manufacturer in the world has said that it will reduce chip production by a "significant" amount due to a dramatic decline in sales and lower than projected first-quarter profits, which are predicted to fall by 96%, according to multiple media sources on Friday.

Companies are buying fewer chips in an effort to lower their stockpiles, which has been linked to a weakening global economy. However, as a result of customers limiting larger purchases in the face of the rising cost of living and rising food and energy prices, demand has since decreased.Samsung has previously discussed making tiny adjustments, such as halting output to upgrade production lines.

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